📈 Price History

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About

Baxter International Inc., through its subsidiaries, provides a portfolio of healthcare products in the United States. The company operates through three segments: Medical Products & Therapies, Healthcare Systems & Technologies, and Pharmaceuticals. It offers sterile intravenous (IV) solutions; infusion systems and devices; parenteral nutrition therapies; inhaled anesthetics; generic injectable pharmaceuticals; surgical hemostat and sealant products; advanced surgical equipment; smart bed systems; patient monitoring and diagnostic technologies; and respiratory health devices, as well as advanced equipment for the surgical space comprising operating room integration technologies, precision positioning devices, and other accessories. The company also provides specialty injectable pharmaceuticals, inhaled anesthetics, and drug compounding services. Its products are used in hospitals, nursing homes, rehabilitation centers, ambulatory surgery centers, doctors’ offices, kidney dialysis centers, and patients at home under physician supervision. The company sells its products through direct sales force, independent distributors, drug wholesalers, and specialty pharmacy or other alternate site providers. It operates in Eastern Europe, the Middle East, Africa, Latin America, Asia, Western Europe, Canada, Japan, Australia, and New Zealand. Baxter International Inc. was incorporated in 1931 and is headquartered in Deerfield, Illinois.

Key Ratios Snapshot

📈 Growth Pattern

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🔍 Concall Decoded

🎙 Management Tone Tracker Confident Vague ↑ Improving 4 quarters analysed

Q2 2025

Cautious

Management repeatedly acknowledged headwinds (Novum IQ pause, fluid conservation, injectables softness) and lowered full-year guidance, but framed issues as temporary and expressed confidence in long-term fundamentals. Phrases like 'prudent approach' and 'capture downside risks' indicate a guarded tone.

Q3 2025

Cautious

The CEO stated 'We are not satisfied with our current performance' and acknowledged challenges. They provided specific actions like dividend cut but were vague on timing for Novum resolution.

Q4 2025

Cautious

The CEO explicitly called the quarter's results 'disappointing' and emphasized the need for a turnaround. The CFO noted 'frustration and volatility' in historical results. Both stressed actions are underway but acknowledged it will take time.

Q1 2026 latest

Confident Vague

Management expressed confidence in the turnaround and reiterated full-year guidance, but used qualifiers like 'not satisfied', 'prudent to factor', and 'early stages'. They emphasized progress but also acknowledged ongoing headwinds from tariffs, Novum, and supply constraints.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis remains largely unchanged: Baxter is executing a turnaround with early progress in cash flow, manufacturing, and cost structure, but faces near-term headwinds from tariffs, Novum pump hold, and supply constraints. Management reiterated guidance and provided credible second-half margin improvement pathways, giving some confidence. However, the lack of clarity on Novum resolution, 2027 outlook, and quantified return risk keeps uncertainty elevated. Key watch items for next quarter: Novum field action timeline and customer return trajectory, HST order book conversion in second half, and whether manufacturing cost absorption improves as guided.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Vague ↑ Improving 4 quarters Full tone analysis in Intelligence →

📊 MIXED Baxter Q1 2026 sales $2.7B; guides flat organic growth and EPS $1.85-$2.05 for FY2026.

Revenue & Profitability

First quarter 2026 sales from continuing operations totaled $2.7 billion (reported +3%, organic -1%). Adjusted earnings per diluted share were $0.36, down 35% from $0.55 in the prior year. Adjusted operating margin was 11%, a decrease of 390 basis points. Free cash flow improved to $76 million, compared to negative $221 million in Q1 2025. Full year 2026 guidance is reiterated: flat organic sales, adjusted EPS of $1.85-$2.05, and adjusted operating margin of 13%-14%.

Outlook

Management believes Baxter is in attractive end markets and expects the first half of 2026 to face known mechanical headwinds (tariffs, manufacturing costs, Novum hold, injectables supply issues) with improvement in the second half. HST growth is expected to be back-half weighted due to new product launches. The U.S. hospital capital spending environment remains stable to date. The company has reduced oil price exposure to less than half of historical levels following the kidney care divestiture, and Middle East exposure is less than 2% of revenue.

Growth Drivers

Key growth drivers include Advanced Surgery (10% growth in Q1), Drug Compounding (20% growth), and new product launches such as the Dynamo smart stretcher, IV Verify line labeling system, XR Spine surgical table, and Connex 360. In HST, a strong capital order book for Patient Support Systems supports anticipated back-half growth. The pump portfolio is expected to see revenue growth in the second half. Management is investing in innovation with integrated AI functionality.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Q1 2026 adjusted operating margin was 11%, down 390 bps year-over-year due to unfavorable cost timing, tariffs, and higher manufacturing absorption costs. Adjusted gross margin was 36.8%, down 500 bps. For full year 2026, management guides 13%-14% operating margin. The expected improvement from first half to second half is driven by: 250 bps from higher volumes, 125 bps from cost structure actions (largely complete), and 125 bps from rolling through higher-cost inventory produced in H2 2025.

Key Risks

Key risks flagged by management include: the Novum LVP ship and installation hold, with potential for customer returns (guidance assumes hold remains for full year); tariff impact estimated at $80 million net of mitigations; supply constraints at a contract manufacturer in injectables expected to persist into 2027; higher manufacturing costs and absorption pressure; macroeconomic uncertainty and oil price inflation; and the conflict in the Middle East (though exposure is less than 2% of revenue). Analysts also raised concerns about chip shortages and oil price inflation.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-30

Second quarter results exceeded expectations with 5% organic revenue growth and strong free cash flow. Adjusted EPS guidance was raised due to a one-time tariff refund, while ongoing supply and macroeconomic risks are being closely monitored.

Q1 2026 Q1 2026 2026-04-30

First quarter results were in line with expectations, with reported sales up 3% but organic sales down 1% and adjusted EPS down 35% year-over-year. Guidance for 2026 is reiterated, with flat organic sales and improved performance expected in the second half, supported by new product launches and operational improvements.

Q4 2025 Q4 2025 2026-02-12

Fourth quarter sales grew 8% reported, but margins and EPS were pressured by mix, costs, and non-recurring items. 2026 guidance calls for flat to 1% sales growth and EPS of $1.85–$2.05, with improvement expected in the second half.

Q3 2025 Q3 2025 2025-10-30

Q3 2025 saw 5% reported sales growth and $0.69 adjusted EPS, with bottom-line outperformance driven by tax benefits despite top-line softness. Guidance for 2025 was lowered due to ongoing Novum IQ pump issues and IV Solutions demand lag, while a dividend cut aims to accelerate deleveraging.

Q2 2025 Q2 2025 2025-07-31

Second quarter sales and earnings met guidance but reflected softness in key segments, prompting a reduction in full-year operational sales and EPS guidance. The business remains focused on innovation, operational efficiency, and recovery from temporary headwinds, with a new CEO set to drive transformation.

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